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Mergers & Acquisitions

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Deal Overview

Buyer:
First Merchants Corp.
Actual Acquirer:
First Merchants Corp.
Target:
Jay Financial Corporation
Deal Type:
Bank & Thrift Company
Agreement Date:
8/20/1998
Announcement Date:
8/20/1998
Announced Deal Value ($ M):
30.00
Status:
Completed
Completion Date:
4/6/1999
Announced Deal Value Per Share ($ )
366.73

Consideration Breakout
Common Stock ($M) 26.3
Common Stock Issued 1,098,837

Deal Pricing Ratios

Announcement Completion
Price / Book (%) 219.6 180.1
Price / Tangible Book (%) 219.6 180.1
Price / Earnings (x) 20.1 17.7
Price / Deposits (%) 36.00 27.73
Price / Assets (%) 29.09 22.95
Tangible Book Premium/ Deposits (%) 23.53 14.85
Deal Terms
Description of Consideration

First Merchants exchanged 13.41681 shares for each Jay Financial share held. Seller's financials are for First National Bank of Portland.

Accounting Method Pooling of Interests
In-State Transaction? Yes
Merger of Equals? No
Geographic Expansion? In Market
Goodwill Generated ($ 000) 0
Estimated Cost Savings (%) NA
Estimated Cost Savings ($ 000) NA
Est. Restructuring Charges ($ 000) NA
Maximum Termination Fee ($ 000) 0
Minimum Termination Fee ($ 000) NA
Exchange Ratio (Common For Common) 13.416800
Exchange Ratio (Common For Preferred) NA
Exchange Ratio (Preferred For Common) NA
Exchange Ratio (Preferred For Preferred) NA
Lockup Agreement No
Strike Price ($ ) NA
% of Shares Outstanding NA
Shares Under Option NA
Core Deposit Intangibles ($ 000) 0
Deal Advisers
Financial Advisers
Party Advised Adviser Hired? Firm Name
Buyer No NA
Seller Yes ProBank Austin
Legal Counsel
Party Advised Adviser Hired? Firm Name
Buyer Yes Bingham Greenebaum Doll LLP
Seller Yes Krieg DeVault LLP

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